Jargon Reference Guide



 

Offer


A sum of money that the buyer offers to pay for a property.

Offer Of a Loan


A formal document approving the mortgage that a buyer has requested and detailing the terms and conditions that will apply.

Ombudsman


Independent professional bodies who investigate complaints on behalf of customers against, for example, estate agents, solicitors and insurance companies.

Open Market Value


The price a property should achieve when there is a willing buyer and willing seller.